All Forum Posts by: Sergey Perevalov

 Tricia,

i do all cash, but understand with this i have limited resources. I started looking into lenders who do financing for tax deed properties. Was not able to find anybody yet. It might also be because with tax deed purchase you don't get a clear title - you either have to go through quiet title action or through title certificate companies that just help you to obtain title insurance. If you happen to know some lenders that do this type of financing - I would appreciate if you share some referrals. 

 Hi Tricia,

It's a small world! I got my first house in winter haven, that's why I want to get something close by so it's easier to manage. I have one criteria for regular purchasing and a little different for tax deeds

 On tax deeds i am just trying to get what's available for a reasonable price based on funds available as well. 

Congrats on your first lien. Liens are very interesting as well. Great option to get good return and in some cases you will be the first one to get a preperty if it goes on sale.

 Wayne,

Thanks for a great advice. It was a tax deed auction. I am aware of quiet title action. You are right about being out of state - it makes it harder. I got my first house through a tax deed auction as well and ithought it was a great deal, but later i found out that the house had a $70K lien from code violations! No wonder nobody bided on it! But i was able to reduce the fees significantly and converted into a great rental.

Justin,

Thanks for advice. You might be right. In the end of the day he is a realtor and he needs to see houses every day. And he is a guy!  

Thanks to all who commented on this. 

What would you say level of this area? A-B-C... ? 

Real estate agent told me he did  not feel comfortable getting out of the car - maybe it's an agent that does not want to get his hands dirty or maybe something else. That just adds complexity to deals being out-of-state. But when you hear that there are a bunch of people on porches and they stare at you and agent does not feel safe to get out of the car... and that's at day time! what happens at night time?!

I am still not quite sure if it's a good deal or bad deal...

From one hand - i got the house for $10K which i can rent for $500+/month, that's good. The house looks solid. 

From the other hand though... I am not quite sure about neighborhood; the house might be occupied and i got it from the auction so that means i might need to evict people (extra cost); roof looks like needs replacing ($3-5K); unknown repairs needed inside of the house; based on neighborhood it might be more challenging to find a good tenant or buyer to purchase.

So far I have minuses overpass pluses. 

Any extra feedback/comments are appreciated!

Thanks all!

Hi Everybody,

looking to get an advice. I got a house through an auction in Haines CIty, Florida (1117 Avenue H, Haines City, FL 33844) for $10K. It's a small 800 sq ft house but looks solid and it's made of masonry. 

But it turns out to be in a "questionable area" (my realtor did not even feel comfortable getting out of the car to take some pictures).

Original goal was to get it, rehab and rent it out, but I am not quite sure if i want to deal with rental properties in "war zones" - probably will be hard to rent, maintain etc.

But maybe if renting does not work out - is it possible to flip it? wholesale?

Would really like to get advice if it's worth dealing with and if people know exact area - would appreciate your thoughts about area. 

Any advice/feedback is appreciated. 

Thanks.

 Hi Stan,

Thanks for advice. I will give it a shot. It looks like people are able to get it from small community or similar banks. Need to do my homework. Thx again. 

Hi All,

Does anybody know if it's possible to refinance SFR under $50K? I checked with local (Florida, Orlando area) mortgages companies and lowest loan is around $50K but how about refinancing? Does the same rule apply?

Looking at sellers finance with baloon payment but not quite sure if I'll be able to refi if house is under $50K.

Any advice will be appreciated. 

Thanks.  

 Paul,

it's probably possible but in my example the room was converted from the garage; not new structure.

Manolo,

the property is actually in Florida but thanks for advice.